Lee Soo-hyung, left, a professor at Seoul National University, and Kim Jong-hwa, a former Bank of Korea (BOK) deputy governor, have been recommended as new monetary policy board members of the central bank / Courtesty of the BOK

Lee Soo-hyung, a professor at the Graduate School of International Studies at Seoul National University, and Kim Jong-hwa, former deputy governor of the Bank of Korea (BOK), have been recommended as new members of the seven-member monetary policy committee, the central bank announced on Friday.

After completing the required procedures, they will start participating in setting the base interest rates during the monetary policy meetings starting May 23.

The BOK noted that the Ministry of Economy and Finance recommended Lee, and the Korea Chamber of Commerce and Industry recommended Kim.

After majoring in international economics at Seoul National University, Lee served for eight years as a public official at the finance ministry.

She earned her master's and doctoral degrees in economics from Stanford University and has worked as a consultant for the World Bank and as an associate professor of economics at Sogang University.

Since 2020, she has been teaching at Seoul National University.

Majoring in economics at Seoul National University, Kim commenced his career at the BOK in 1982, dedicating over 30 years to the bank.

He earned his master's and doctoral degrees in economics from the University of Michigan. During his years at the BOK, he served as the director of the international department and deputy governor for international affairs.

After retiring in 2013, he took on leadership roles as president of Korea Financial Telecommunications & Clearings Institute and Busan Finance Center.

Market insiders said, given the heightened global interconnectedness of monetary policy, the committee has assembled members with expertise in international economics.

Since Feb. 13, another expert in international economics, Hwang Kun-il, has been serving on the committee.

Lee and Kim are set to replace Cho Yoon-je and Suh Young-kyung, both of whom have been considered hawkish.

During the farewell ceremony at the bank on Friday, Cho and Suh reflected on the challenges of making monetary decisions, particularly during the pandemic and expressed gratitude.

"It was a challenging period, but I believe we were able to respond with appropriate policy choices thanks to the governor, the member of the committee, and all of [BOK officials], who are equipped with both skills and a dedication," Suh said.